Wednesday 10 February 2016

Carmen Presents.... Market Update February 2016


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February 2016

   

Strata fees: How much is enough?

Inadequate contingency funds, depreciation reports often set owners up for big surprises
Making sense of condominium strata fees - what is reasonable? what is too little? - is a growing challenge.
Lawyers, industry associations and owners are grappling with such questions at a time when high real estate costs already mean scant disposable income for most households.

January 2016 Real Estate Reports

Click below to find the benchmark price for condos, townhomes and houses in your area last month.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Surrey leads single-family home construction growth

Pace of residential and commercial development in Surrey outstrips that of Vancouver
The City of Surrey is now leading the way in new single-family detached home construction in the Lower Mainland, according to BC Assessment data released last week.
There were approximately 83,600 new homes built in Surrey in 2015 compared with Vancouver's roughly 81,000.Surrey also surpassed Vancouver in all types of new properties being built, including strata, single-family detached homes and commercial/industrial properties.
The only municipality to outpace Surrey in terms of overall new property growth was Burnaby.

Co-ownership of homes increasing in Vancouver due to surging real estate prices

With housing prices in Metro Vancouver flying ever-further out of reach for local incomes, real estate professionals say an increasing number of families are pooling resources to get into the market.
Co-ownership - facilitated by the so-called "mixer mortgages" promoted by banks and credit unions such as VanCity - allows families or friends to own and live in the same residence.
Co-ownership is not new in Vancouver. But with average detached home prices surging to $2.5 million and "runaway" prices increasingly "divorced" from local incomes as Mayor Gregor Robertson said this week, it makes sense that more people are reportedly looking at these financing arrangements.
   


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